Bygone week witnessed a historic event where Nifty not only entered into the elite 5-digit club, but stayed above the coveted 10000 mark on a weekly closing basis. This underscores the exceptional bullish nature of the present time. However, the euphoria is not evident as yet, which is healthy for the bullish trend.
The series of higher bottoms is quite obvious on daily chart as well & the last higher bottom was formed at 9830 levels on 18th of July, 2017. Unless this is breached downward, the short term uptrend continues. One could buy Nifty this week on retracement with stop loss at 9940 & target 10200.
This is one of the best performing stocks in Aviation sector. The primary uptrend is pretty evident from the above diagram. On Friday, it completed the pull back phase & embarked on a new journey upward. Buy 50% on retracement at 1274 & remaining 50% at 1255 regions. Put the overall stop loss at 1230 while the possible intermediate target is 1350.
Although the telecom sector is at present going under stress, yet Idea Cellular is looking poised for some good move in near term as it traced a higher bottom on daily chart. Buy at CMP with stop loss at 91 & target 102.
This Cement, Power & Sugar conglomerate is a very steadily up trending stock & looking good for a long term play. In the short term as well, Dalmia Bharat has worked out a bullish pattern that catches our fancy. One should buy at CMP with stop loss at 2576 & target 2790.
While other NBFC stocks outperformed this week, ICICI Prudential is yet to respond. We observe a positive divergence in Stochastic (7,3,3) which could be an early indication of its resumption of primary uptrend. Buy at CMP 448 with stop loss at 432. Short term targets are 470 & 480 while in the intermediate term, the July top of 500 is possible.
